Michel Barnier

U.S. and European Union financial regulators broke a deadlock over rules for the $633 trillion global swaps market, saying the deadline-beating accord will protect banks from overlapping requirements and extra costs.

The European Parliament narrowly rejected proposals to ban fund managers from receiving bonuses amounting to more than their annual salary amid warnings the plan could backfire by harming pensions and savings.

Bankers and traders found guilty of rigging benchmark rates from Libor to oil would face tougher fines and other sanctions in the future under a deal reached by the European Union to overhaul its penalties for market abuse.